Self-Cerification Mortgages

What is a Self-Certification Mortgage?

Self-certification mortgages were first brought to the market to cater for self-employed workers who do not receive a salary or wage from an employer. In recent years self-certs have been utilised by various different people to finance their homes such as contractors, company directors, and workers who receive irregular income through commissions and bonuses.

Self-certification mortgages are also known as “self-employed mortgages” and “non-status mortgages.” This is because they were first intended for the self-employed and are not regarded as standard home loan products which are made available to employees with good credit histories. Self-certs have become extremely popular in recent years so while they aren’t regarded as standard products they are quite common in the mortgage market.

As more and more workers become self-employed in our society or receive their incomes from sources other than a traditional salary or wage it is likely that self-certification mortgages and remortgages – and other types of non-standard products such as flexible mortgages – will become more common in the UK property market.

If you would like to know more about self-cert mortgages or would like to apply please contact an independent mortgage advisor through the Online Form provided on this website.